CT Casinos On The Rise?

Much of 2014 was a steady decline as both casinos reported lower revenues from slot machines, and less in the total amount wagered, each month. Matter of fact, much of the last five years has seen in a decline in revenue. Could last month have changed that trend for both Mohegan Sun and Foxwoods?

Foxwoods proposed Tanger Outlet Connection

Foxwoods proposed Tanger Outlet Connection

Connecticut’s two Indian casinos posted increases in slot machine bets in December, a rare spike. Foxwoods Resort Casino, owned by the Mashantucket Pequots, still reported a decline in the share of wagers known as revenue, to $36.2 million, down 4 percent, from December 2013. But total slot machine bets rose 3 percent, to $446.3 million.

Wombi Rock at Mohegan Sun

Wombi Rock at Mohegan Sun

The Mohegan Sun posted a 7 percent increase, to $49 million, in revenue, from December 2013. Slot machine bets last month totaled $600.4 million, up 5 percent.

The eastern Connecticut casinos have struggled for years as they faced rising competition in New York and Rhode Island. With more competition on the horizon from Massachusetts and more New York expansion, it seemed to be a dire situation. In addition, consumer spending declined during the recession and failed to fully return during the weak recovery.

Mohegan Sun CEO Bobby Soper said in a phone interview he believes that the results reflect a few variables: the weather was better in December 2014 than it was a year earlier; gas and oil prices are low and people have more discretionary income; and the Christmas and New Year holidays falling on Thursday extended weekends for casino visitors.

I’m sure they hope it lasts.  With the warmest year on record globally last year, and an easy winter the next few months,  CT’s casinos future will improve.

Thank you Santa.

That’s all for now.

Binbin

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2 thoughts on “CT Casinos On The Rise?

  1. binbin415 says:

    Nice to hear from you Jeff
    I believe the pact that initiated the gambling allowance in CT is still on. The state of CT gets 25% of the take on slots and it continues, while the revenue continues to decline. It started with Governor Weicker in 1993. Unless the pact is renegotiated, it continues as is.

    Binbin

  2. jeffrey says:

    I UNDERSTAND THAT BOTH CONNECTICUT CASINOS HAVE STOPPED THEIR MONTHLY
    SLOT MACHINE REVENUE PAYMENTS TO THE STATE OF CONNECTICUT. CAN YOU CONFIRM OR REFUTE THIS ACCUSATION.
    THANK YOU,
    JEFFREY

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